Again nt a forecast, but a possibility
Not forecasting here. Just being prepared
A lot of emphasis placed on SPX. NYSE is a better picture of overall market IMO
The WW formation seems to point towards a short term target of 10,335, which translates to a correction of -6.73%.
Broken Arrow - Ending Diagonal New York Composite looks similar to the SP500. Price action seems to had made the last wave up the 21th of may 2015 and thus done with the 5th of the 5 waves up since 2009 low. Yesterday's price action stopped at the lower trend line for the ending diagonal. We still need have confirmation - either by price action breaking the...
No Conviction what so ever. Thanks to the internet for creating a hype and panic on FED announcements. Great example, that Technicals don't move the market.
Broad based Index, setting up for a potential brake_out above 11100 level. Within 2011 Channel. Hitting resistance at 2014 horizontal resistance. Triangle break_out and retesting in process. Within BB. Above 50 sma.
NYA is a great index for measuring the market over the SP 500 because it comprises so much more including over seas stocks or ADR's. There is a inverted Head and Shoulders begining to play out on the weekly. From the Alligator system it is trading in the zone now showing buyers are stronger and is a buy.
NYSE has made a series of higher lows since mid-October. It is also presently trading against 2 ascending trend lines shown here. 10457.89 is an important level to watch. If it is violated, NYSE will have broken the trend of higher highs and higher lows as well as both ascending trend lines.
The volatility helps the fight to accelerate, and no winner so far, but still bears have stronger punches, the first good landing was yesterday, volume was not light any more as it did last rally up and seems today will be another follow through from yesterday. Stay safe, and make money. If you need to get real time alerts try www.2waytrading.com
Based on measured move objectives there are a confluence of potential resistance areas to note just above where price currently resides. Above ~11280 with CONVICTION and ~12500 is the final target.
If you look at previous run up you can observe that it begins around 2003 with a no clear trend, but in the following years it tooks the shape of a rising wedge. The trendlines of this pattern expande, with both trendlines slanted in an upward direction. As the strength of the buyers weakens (exhibited by their inability to take the price higher), the sellers...
Several patterns are in play in NYA composite The last 6 month NYA has made several harmonic patterns as shown on the chart (See chart below). The latest is a 5-0 pattern and a ABCD in spe. That should bring a price target of 10120 Last week price created an island reversal For the time being I see price action has made a possible harmonic ABC move (not EW) with...
Friends, As just indicated in the analysis of Twitter (see it here, "All Targets Hit ... ": ), my predictive analysis and forecasting system defined a probable bullish target as: TG-1 = 10624.04 - 17 APR 2014. However, I also cautioned that a significant E.A.G.L.E range (10624.04/10584.23) is likely to impose its own resistance, up to a level that falls in...
Work in progress, but interesting no less. Love to hear your feedback and call-outs! Cheers
When unsure where the market is headed it's always a good idea to look at the historical chart for clues. I went through the charts and looked for support/resistance, both horizontal - ascending/descending with significant confluence. During the late stages of the tech bubble, bulls had a tough time passing the ascending resistance (shown in purple). I extended...
Taking a look at the NYSE Composite old Support/Resistance area at 9678. This particular horizontal trend line has a strong confluence reading. Now the market has cleared many barriers, NYSE could draw to 9678 area very quickly. We also want to take a look at the NYSE new high and low areas. HIGN 500 readings are considered overbought and LOWN readings over...